Caption: Managing Director/CEO Asset Management Corporation of Nigeria (AMCON) Mr Ahmed Lawan Kuru (right) emphasising a point during the business visit by led by the President of Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Ayodele Akintunde SAN (second from right), Chief Anthony Idigbe SAN, a past President of BRIPAN, and Victor Ihekweazu SAN…in Abuja on Monday.
Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) says it will partner the Asset Management Corporation of Nigeria (AMCON) to advance the tenets of insolvency and business recovery practice in the country.
Ayodele Akintunde, a senior advocate of Nigeria, and President of BRIPAN, who led a delegation of the association executive committee on a business visit to the Managing Director/CEO of AMCON, Ahmed Lawan Kuru in Abuja, said the courtesy call is in recognition of AMCON’s role as a leader in insolvency and business recovery since its creation in 2010.
Akintunde said the partnership became necessary because investors look at the strength of the laws in the countries they are prospecting for investment, especially the laws guiding recovery, insolvency, and security among other factors in the country.
He said BRIPAN, as a professional body comprising members of the Nigerian Bar Association (NBA); Institute of Chartered Accountants of Nigeria (ICAN), and Chartered Institute of Bankers of Nigeria (CIBN), has been involved in insolvency matters in the last 20 years, as well as law reform activities, hence the collaboration because of the peculiarities of the AMCON mandate and the positive dividend such would bring to the nation’s business environment.
Continuing, he said BRIPAN is also a member of the International Association of Restructuring, Insolvency and Bankruptcy Professionals (INSOL International), expressing satisfaction “with what AMCON is doing since its establishment… so, we are ready to work with AMCON because we have the capacity and can advance different training programmes.
“We are involved in law reforms and so many other key areas that we believe will help the business environment in the country. Having watched for years, we have observed that AMCON is a leader in insolvency in Nigeria so, we want to collaborate with AMCON in this area because we understand that insolvency and business recovery are key to the economy of any nation. They are the things investors look out for,” he stressed.
Responding, Kuru assured his visitors that AMCON is open to collaborations capable of positively impacting the Nigerian economy, stressing that business recovery and insolvency entails quite a lot of legal hurdles that makes the process difficult. This, he said, is because it involves dealing with third parties, dealing with businesses that have failed, issues that relate to the law, among others.
As such, working with an association such as BRIPAN, people that understand the legal and business side of it is very important to AMCON, Kuru assured.